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Thread: Bury face winding up order tomorrow

  1. #1
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    Bury face winding up order tomorrow


  2. #2
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    Just taking this segment out of all the notes just shows that there is also a corruptness in the English game...not just Qatar!

    'The Guardian understands that in the contracts, Capital and Bury agreed that 40% of the money being borrowed would never come to the club. Instead, Capital paid it to an unnamed third party, as an “introduction fee”. Bury still owe in full the initial 1.6m borrowed in October 2017, and must continue to pay interest on it, but 640,000 did not go to the club; Capital paid it out as an introduction fee. A subsequent loan in February 2018, for 722,800, is understood also to have involved a 40% fee paid to a third party – 289,120.

    Just who is this 'third party'? That's what I would like to know if I was a Bury fan.

    Good luck to the Bury fans but you get the feeling this is where the crack will start to appear through the rank and file of English football.

    Thank goodness we have Tony Stewart at the helm of our club. Yes, I too have criticised TS in the past and rightly so but, when you see clubs about to go to the wall like this, it brings all our past troubles to mind and I for one never ever want to see RUFC going down that road again.
    Last edited by Brin; 19-06-2019 at 07:52 PM.

  3. #3
    Scandalous that the EFL allows payments to “unnamed third parties”.

    Mind you this was a Guardian story so might not be factually correct.

  4. #4
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    Quote Originally Posted by Grist_To_The_Mill View Post
    Scandalous that the EFL allows payments to “unnamed third parties”.

    Mind you this was a Guardian story so might not be factually correct.
    It will be correct but badly spelt or spelled

  5. #5
    Unfortunatley it's just a matter of time until one of these wind up orders goes all the way and the club goes.
    Can't help feeling that this will be the catalyst that starts a Domino effect

  6. #6
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    Winding-up order has been adjourned for six weeks to allow Bury to seek a CVA and find a buyer.

    Good article in The Bury Times 19th June explaining the situation.
    Good luck to Bury supporters.

  7. #7
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    I was speaking to a Bury fan yesterday and he doesn't think they'll have a team to fulfill their fixtures.
    Quite a few of their players are leaving

  8. #8
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    Fingers crossed for the fans

  9. #9
    Should certainly make us appreciate just what we have at our football club.

    When I read some of the comments on here it just makes me think " has this fella forgot the state our club was in pre Tony Stewart".

    Good luck to Bury and their supporters!!

  10. #10
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    Latest update

    Bury face a 12-point deduction next season after owner Steve Dale put forward a proposal to help clear some of the club's debts.

    In a company voluntary arrangement (CVA) proposal, seen by BBC Radio Manchester, Dale has offered to pay the club's football creditors in full.

    Unsecured creditors, including HMRC, will be paid 25% of what they are owed.

    If approved, the CVA would qualify as an insolvency event under EFL rules, which would see Bury deducted points.

    The proposal states that football creditors are owed 950,652 while unsecured creditors are owed 5,982,765, including 3.6m to Dale.

    The club appeared in the High Court last week over a winding-up petition originally brought by former head coach Chris Brass but which was taken over by HM Revenue & Customs (HMRC).

    HMRC are now owed 1m but would be paid a quarter of what they are due under the arrangement, while Dale states he will not be seeking the money owed to him by the club.

    The proposal requires agreement from creditors owed 75% or more of the total debts to be passed and also requires agreement from 50% of the club's shareholders.

    The club are set to reappear in court on 9 July at 11:00 BST to meet with creditors and agree to a resolution.


    Shame after getting promotion, they look deep in the mire and one of favourites to go straight back down.

  11. #11
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    Quote Originally Posted by Brin View Post
    Latest update

    Bury face a 12-point deduction next season after owner Steve Dale put forward a proposal to help clear some of the club's debts.

    In a company voluntary arrangement (CVA) proposal, seen by BBC Radio Manchester, Dale has offered to pay the club's football creditors in full.

    Unsecured creditors, including HMRC, will be paid 25% of what they are owed.

    If approved, the CVA would qualify as an insolvency event under EFL rules, which would see Bury deducted points.

    The proposal states that football creditors are owed 950,652 while unsecured creditors are owed 5,982,765, including 3.6m to Dale.

    The club appeared in the High Court last week over a winding-up petition originally brought by former head coach Chris Brass but which was taken over by HM Revenue & Customs (HMRC).

    HMRC are now owed 1m but would be paid a quarter of what they are due under the arrangement, while Dale states he will not be seeking the money owed to him by the club.

    The proposal requires agreement from creditors owed 75% or more of the total debts to be passed and also requires agreement from 50% of the club's shareholders.

    The club are set to reappear in court on 9 July at 11:00 BST to meet with creditors and agree to a resolution.


    Shame after getting promotion, they look deep in the mire and one of favourites to go straight back down.
    Can maybe get it through on his own vote together with football creditors.

    Anyone know what majority is required to get the cva approved?

  12. #12
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    Glad Im not one of the unsecured creditors about to be stitched up by Dale.

  13. #13
    Quote Originally Posted by WanChaiMiller View Post
    Glad Im not one of the unsecured creditors about to be stitched up by Dale.
    You are if you are a U.K. tax payer

  14. #14
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    One alternative to the CVA is liquidation.
    Then no-one gets anything.

  15. #15
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    Quote Originally Posted by Grist_To_The_Mill View Post
    You are if you are a U.K. tax payer
    Yes agree.

  16. #16
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    Quote Originally Posted by CASPER-64-FRANK View Post
    One alternative to the CVA is liquidation.
    Then no-one gets anything.
    Exactly - and its what they play off.

  17. #17
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    Quote Originally Posted by WanChaiMiller View Post
    Exactly - and its what they pay off.
    I can't see what else Dale can do to save the club. The debt is too high to manage, at least some creditors will be paid in full, that is if they agree to the terms of the CVA. Unfortunately some will lose out.

  18. #18
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    Football clubs have and always will use local businesses and supporters of the club. It is a natural thing to do.

    They know the risks and hope that it won't happen and they won't lose everything. The same suppliers are often given contracts after the event as few others will touch them.

  19. #19
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    Quote Originally Posted by CASPER-64-FRANK View Post
    I can't see what else Dale can do to save the club. The debt is too high to manage, at least some creditors will be paid in full, that is if they agree to the terms of the CVA. Unfortunately some will lose out.
    Agree with you essentially. But Dale bought the club from Day for 1. Surely if you take a club over you should have the means to be able to finance it. Not sure why creditors should stump up 75% of debt to part finance his venture.

  20. #20
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    But then we've been through a few of these. You live to fight another day. Hope for Bury supporters they can get through these tough times and enjoy some good years as we've done under Stewart.

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